State Trading Organization (STO) has imported onion shipments to address the rising inflation of the commodity due to high demand.
STO reports importing 4,500 sacks of onions in its first shipment, which would be sold through local vendors.
STO has explicitly instructed local vendors not to sell above the highest allowed price for onions. The state-owned enterprise (SOE) has set a maximum price ceiling of MVR 20 per kilogram for the commodity, and vendors must adhere to this price when selling onions purchased from STO.
The first shipment is now available in local markets for consumers.
STO said that it decided to bring the bulk shipment to stabilize the market until the supply shortage of onions is addressed. The company has pledged to maintain a regular supply of onions until their price is controlled in the market.
Currently, onion prices are between MVR 30 and MVR 35 per kilogram. Recently, onion sacks rose from MVR 400 per sack to MVR 700.
Maldives observed onion price inflations after the Indian government earlier announced temporarily ceasing its exports. The country however, later confirmed onion exports will not face interruptions owing to a special agreements between the Maldives and India.
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